How peer-to-peer transfer works and points to be awared in P2P transfers | Part 02
Greetings everyone,
I hope you are all well. In the previous article, I talked about what peer-to-peer transfer is and its pros and cons. This article is also related to the previous article. So today I'm going to talk about what should be considered things in peer-to-peer transfers and how it's work.
For peer-to-peer transfers, you must first have a registered and verified account on an exchange. Just being registered with an exchange does not allow you to trade on its P2P platform. Because for that you have to confirm your otherness first through the verified methods they have introduced. Only those users who confirm their identity will be given the opportunity to use this peer-to-peer platform.
Peer-to-peer transfers of 12 hours or more are not allowed even if the new account is verified. For that, you will have to wait for a few hours. And It is also necessary to update the expiry date of the passport or driving license you are using for verification. Or transactions are suspended. Therefore, to start transactions through this, you must be aware of these rules.
The P2P network allows users to exchange crypto and fiat currencies directly with their clients. No special knowledge or technical techniques are required for this. But you should be well aware of the simple procedure here.
How peer-to-peer transfer works
Screenshot taken from my binance account
I have mentioned above that a verified account in an exchange that allows p2p is required for this.
Let me give an example to explain what is happening here. There are two parties here. One party is the seller and the other party is the buyer. The seller sells his cryptocurrencies like trx, bitcoin, usdt etc.. to a buyer who buys them. A seller should select the buyer from the list according to the value of the crypto he has.
After starting the transaction and receiving the specified amount of fiat currency, the seller releases the crypto to the buyer.
What are the things to consider in P2P transfers?
• Don't release crypto until you confirm that the required amount of fiat money has been received. Because in some cases fake slips are sent by buyers.
• It is very important to always keep an eye on the cash receipt text messages sent by the exchange and the bank. Care should be taken not to complete the transactions until such a text message is received.
• When choosing a buyer or seller, check their profile page. And the accompanying payment methods should also be checked.
• Before getting the service, you can get an idea about the work of the person who is going to do the transaction by looking at the feedback given by others on behalf of the seller or buyer.
• User should be wary of emails sent asking for release of orders from buyer or seller. Therefore, it is advisable to be careful.
Conclusion
P2P is a platform that facilitates user transactions and is also easy to use. The information I have shared here is based on the experiences I have and based on other information.
https://twitter.com/Gihani821/status/1712867943913337304?t=6n_PoBeJyJt9wL_BCdom4Q&s=19
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This is an interesting post, however, there is still room for improvement.
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Okay, I will improve quality of the post.